Oil Prices Slide as Truce Hopes Weigh Against Saudi Arabia Attacks

Oil prices declined by more than 1% on Friday as investors weighed the possibility of a truce between the U.S. and Iran against concerns about Houthi attacks on Saudi Arabia.

The Brent crude price fell $1.08 cents, or 1%, to $105.52 a barrel, while West Texas Intermediate (WTI) dropped $1.68, or 1.8%, to $92.93 a barrel.

Despite the decline, oil prices have gained 1.5% for the week so far, with Brent, while WTI has lost 7.4% over the same period.

The possibility of a truce between the U.S. and Iran is being explored by negotiators in New York, who are discussing a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.

Saudi Arabia intercepted six ballistic missiles fired by Yemen's Houthi fighters on Thursday, thwarting attacks on the southern province of Taif and the Yanbu area on the Red Sea.